Unformatted text preview: 900 Home mortgage interest 10,000 Home maintenance & utilities 3,600 Depreciation on 10% of home used as studio 500 During the year, Jim sold paintings for a total of $3,200. Required :  Describe the tax consequences if the activity is held to be a hobby.  Describe the tax consequences if the activity is held to be a business (unlikely in this case, but just for illustrative purposes)....
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- Fall '08
- Jim, Vice President of the United States, tax consequences